Crypto-versed lawyers will play an increasingly important role in Web3 firms — particularly after the implosion of FTX and the industry braces for regulatory turbulence, two legal academics believe.
Boston Law School professor and chief compliance officer at crypto exchange Bitstamp, Thomas Hook, told Cointelegraph that Web3 lawyers will soon become “business differentiators” because they’ll be faced with the tough task of helping firms navigate through legal and regulatory uncertainties.
This will ultimately determine how fast firms can take their products and services to market, Hook explained:
“Without them, companies could face setbacks as regulators are looking to get a handle on the industry,” Hook added.
Senior Research Fellow Dr. Aaron Lane of RMIT’s Blockchain Innovation Hub told Cointelegraph that in the current environment, Web3 companies should play it safe and resort to legal advice where appropriate.
Lane explained that the pace of blockchain-based innovation, paired with over 50 independent digital asset bills introduced into the United States Congress in recent times further illustrates the need.
He believes that some of the bettWeb3 lawyers will come from the commercial law sector, which is a "crucial" foundation for lawyers in the crypto field.
“Knowledge of the technologies that make up the Web3 stack will be increasingly in demand over the next decade,” Lane however stressed.
Related: Lawyer explains new federal virtual asset law in the United Arab Emirates
For now however, the sector remains “very niche”, according to CryptoRecruit founder Neil Dundon.
Lane added that most legal representation for Web3 firms is offered by external counsel instead of in-house lawyers, which focus more on cases relating toRead more on cointelegraph.com